Ally Financial Inc 8-K, filed Oct 15, 2021
Ally Financial Inc. (ALLY)
About this 8-K
Ally Financial Inc filed this 8-K on October 15, 2021.
Items reported
- Item 1.02: Ended a material agreement
- Item 8.01: Other events
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| Item 1.02 | Termination of a Material Definitive Agreement. |
Information set forth in Item 8.01 below, as to the satisfaction and discharge of the Indenture governing the Debentures, is incorporated by reference into this Item 1.02.
| Item 8.01 | Other Events. |
Effective as of October 15, 2021 (the “Redemption Date”), Ally Financial Inc. (“Ally”) redeemed all of the outstanding 7,879,500 units of its 8.125% Fixed Rate/Floating Rate Junior Subordinated Deferrable Interest Debentures due 2040 (the “Debentures”) in accordance with the terms of the Amended and Restated Indenture, dated March 1, 2011 (the “Indenture”), between Ally and The Bank of New York Mellon, as Trustee (the “Trustee”), and, as a result, GMAC Capital Trust I, a subsidiary trust of Ally, redeemed (i) all of the outstanding 7,650,000 units of its 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 (the “TRUPS”) and (ii) all of the outstanding 229,500 units of its 8.125% Fixed Rate/Floating Rate Common Securities, Series 2 (the “Common Securities”). Ally previously notified the holders of the Debentures, the TRUPS and the Common Securities that it had elected to redeem the Debentures, the TRUPS, and the Common Securities on the Redemption Date.
Ally has irrevocably deposited with the Trustee sufficient funds to fund the redemption of the Debentures. As a result, Ally has been released from its obligations under the Indenture pursuant to the satisfaction and discharge provisions thereunder, effective as of the Redemption Date.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Ally Financial Inc. (Registrant) | ||||||
| Date: October 15, 2021 | By: | /s/ David J. DeBrunner | ||||
| Name: David J. DeBrunner | ||||||
| Title: Controller and Chief Accounting Officer | ||||||